Published reports

R.TWINING AND COMPANY LIMITED

Company number: 00525071

This information is as reported by the business, and responses are in their own words.

Reporting period:

1 September 2017 to 28 February 2018

Report filed on:

27 March 2018

Approved by:

George McCallum

Payment statistics

Average time taken to pay invoices: 32 days

Invoices paid:

within 30 days: 37%
in 31 to 60 days: 47%
in 61 days or more: 16%

Late and disputed:

total value of payments due in the reporting period which have not been paid within the agreed period: £0
payments due in the reporting period which have not been paid within the agreed period: 58%

Payment terms

Shortest standard payment periods

60 days

Longest standard payment period

Answer not provided

Standard payment terms

Standard Payment Terms: Within 60 days of the date of the invoice. This is stated on all our purchase orders and applied to all suppliers, unless different terms are negotiated. Maximum Payment Period: 120 days from date of the invoice. We offer supplier finance, through which signed up suppliers can take payment for their invoices early (through an intermediary), but they do incur charges depending on how early they take payment. Therefore the terms we have to declare are those which govern us paying the intermediary – in one case these terms are 120 days.

Were there any changes to the standard payment terms in the reporting period?

Were suppliers notified or consulted about these changes before they were made?

N/A

Maximum contractual payment period agreed

120 days

No further comment provided

Any other information about payment terms

No further comment provided

Dispute resolution process

Narrative description of the business’ dispute resolution process 1. At the time we send a purchase order to a supplier we advise them if they have any queries to raise them with the person who created the purchase order and we provide them with the name of the person. 2. If a supplier believes we have failed to make a payment which is due to them by the due date for payment then they would normally raise this with either the person who raised the purchase order or the Central Finance team. 3. That being said we do try to take a proactive approach to managing any disputes about payments eg in terms of the processes we have put in place for managing any issues we may come across matching invoices to purchase orders.

Other payment information

Has this business signed up to a code of conduct or standards on payment practices? If so, which?

For example, signatories to The Fair Payment Code must commit to paying 95% of their invoices within 60 days.

Yes, this business has signed up to: The Better Payment Practice Code

Does this business offer e-invoicing in relation to qualifying contracts?

This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.

Yes

Does this business offer supply chain finance?

This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.

Yes

Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?